C150153 Paid in Full Contract

• Contract/PO #: C150153
• Contractor Name: Dolores Water Conservancy District
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

written approval of the CWCB, provided that:
i. The BORROWER is currently and at the time of the issua of the parity debt
in substantial compliance with all of the obligations of th 1 a. i•cluding,
but not limited to, being current on the annual pay u •: ; this
contract and in the accumulation of all amthen re.•I : • _ • be
accumulated in the BORROWER'S debt service res d; .
ii. The BORROWER provides to the CWCB a Pa it fi t o n
independent certified public accountant certifying that, based o s f
the BORROWER'S revenues, for 12 consecutive months out of the 18 m s
immediately preceding the date of issuance of such parity debt, the
BORROWER'S revenues are sufficient to pay its annual operating and
maintenance expenses, annual debt service on all outstanding indebtedness
having a lien on the Pledged Revenues, including this loan, the annual debt
service on the proposed indebtedness to be issued, and all required deposits
to any reserve funds required by this contract or by the lender(s) of any
indebtedness having a lien on the Pledged Revenues. The analysis of
revenues shall be based on the BORROWER'S current rate structure or the rate
structure most recently adopted. No more than 10% of total revenues may
originate from tap and/or connection fees.
The BORROWER acknowledges and understands that any request for approval of
the issuance of additional debt must be reviewed and approved by the CWCB
Director prior to the issuance of any additional debt.
f. Annual Statement of Debt Coverage. Each year during the term of this contract,
the BORROWER shall submit to the CWCB an annual audit report and a certificate of
debt service coverage from a Certified Public Accountant.
9. Pledged Revenues During Loan Repayment. The BORROWER shall not sell,
convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise dispose of
the Pledged Revenues, so long as any of the principal, accrued interest, and late
charges, if any, on this loan remain unpaid, without the prior written concurrence of
the CWCB.
10. Release After Loan Is Repaid. Upon complete repayment to the CWCB of the entire
principal, all accrued interest, and late charges, if any, as specified in the Promissory
Note, the CWCB agrees to release and terminate any and all of the CWCB's right, title,
and interest in and to the Pledged Revenues.
11. Warranties.
a. The BORROWER warrants that, by acceptance of the loan under this contract and by
its representations herein, the BORROWER shall be estopped from asserting for any
reason that it is not authorized or obligated to repay the loan to the CWCB as
required by this contract.
b. The BORROWER warrants that it has not employed or retained any company or
person, other than a bona fide employee working solely for the BORROWER, to
solicit or secure this contract and has not paid or agreed to pay any person,
Page 4 of 10